Shares of Livent Corp. LTHM, -3.09% declined in their public debut, after the lithium producer’s initial public offering priced below expectations. The first trade was at $16.25 at 10:05 a.m. ET for 1.99 million share, or 4.4% below the IPO price of $17. The IPO was expected to price at $18 to $20 a share. The company sold 20 million shares to raise $340 million. The shares of declined since the open, and were recently shedding 5.3%. The company has gone public at a time that the Renaissance IPO ETF IPO, +0.04% has lost 10.5% over the past three months while the S&P 500 SPX, -0.90% has gained less than 0.1%.
Livent Corp. shares fall in their market debut Thursday after the company’s initial public offering priced below expectations, but former FMC Corp. lithium unit now stands on its own amid a growing demand for the metal, used in rechargeable batteries that power electric cars and countless consumer products.
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